The Hong Kong Monetary Authority (HKMA) has announced that promoting any unlicensed stablecoin to the public will be illegal starting August 1. This move comes as part of the newly enacted Stablecoin Ordinance, aimed at curbing fraud and financial losses associated with digital assets. Chief Executive Yu Weiwen highlighted recent fraud cases involving stablecoins and emphasized the need for regulation to prevent their misuse in money laundering, particularly in cross-border transactions. The ordinance reflects a growing international focus on stablecoin regulation, as noted in the Bank for International Settlements' latest report.